Larry Ellison Hates Cloud Computing

So Larry Ellison took the opportunity at a recent presentation to go off on a rant about cloud computing. He basically thinks it baloney.His points (such as they are, when you pull away the Valley girl inflection he ascribes to a cloud computing advocate) are these:

Of course Ellison wants to defang cloud computing as much as possible: it is a threat. The spectre of Amazon, Google, and applications running in the cloud on top of someone else's technology platform has got to be the largest long-term strategic threat to his business. To the degree that the enterprise wants to get away from managing their own hardware and close source software -- and who wouldn't if they can get security and scaling issues resolved? -- that is the hard stop in Oracle's future.